lower by more than 150 points it was up more than 200 points this morning we'll tell you what's behind the wild moves today a historic announcement from citigroup. the next ceo will be the first female to run one of the big banks on wall street we'll tell you who she is. where she came from, how she got there as she gets set to take the helm early next year tesla climbing back from its deep losses and one top analyst says a biden win in november

could take the stock to new heights. we' he'll join us as "power lunch" begins right now thank you. it's been a whip saw day for the markets with the nasdaq up nearly 1.5% before turning negative bob will break down the wild swin swings for us. bob. >> it's been a choppy trading day. most of the stocks were up early o on that's the lows for the day for do docusign as well still trying to figure out what they want to do. they are figuring out, it's hard to figure out what the right price is look at the things buffeting technology stocks that everybody has to figure out. we have accelerated revenues that's great news.

all the work from home stuff we have stimulus with fed all in that's good news the reopening nar tirative is positive that's good news we have the momentum plays like the robin hohood people involved the traders get confused on what's the right price what's the right multiple with all this stuff going on. look at this in the last seven or eight trading sessions, docusign has swung from a high to a low sales force swung 30%. apple and nvidia, two big accomplish established names have someone from high the low those are big, big moves it shows how confused everybody is on the right price and the right multiple i still say conditions aren't really there for long term drops for a very simple reason in technology generally the earnings are holding up well and they are going up for the third quarter right now technologiest maits flat compared to the same period last year

is that amazing. with all that's going on, technology earn lings will be flat look at everybody else here. look at financials down 26%. more than 100% drop. you see why technology is doing so well. when you say gosh they are going all over the place, we don't understand the prices, yes, it's confusing to figure out what the right price is it's not insane that technology has held up so well given how much a part of the u.s. economy they have become back to you. the tech rally losing steam over the last week. the nasdaq down 8% from the all time high. i think we have more agreement than disagreement.

i guess in looking at the notes, i see one area where there might be some mild disagreement. kevin, you see a little more room for smaller cap and more sort of new economy tech names to out perform and eric you prefer the big cap names at the expense of the smaller ones. kevin, make your case. >> sure. i think the days of volatility are not behind us. they may only intensify as we get closer and closer to the election three areas that we anticipate being in leaders of the new american economy coming out of the covid-19 pandemic are health care, e-commerce and technology. when i speak about those three areas i'm discussing on the technology side big cap technologies and smaller cap revolutionary technologies the respect to health care, large cap pharmaceutical

companies involved with the vaccine but also smaller bio tech companies sg >> eric, maybe i overstated your position a bit you say you like tech stocks with established business models as opposed to more speculative names. it's not so much large versus small or new economy, trail bladers versus the established ones explain. >> yeah. absolutely we trimmed our large cap exposure to neutral. with that othrientation towards quality and growth that leads us to areas like technology, health care, communication where what we're looking for is long duration assets.

companies that are quality like that have secular disrupter business models that have strong cash flows that really can be priced at a higher multiple in what we think of as the post-covid environment which is likely characterize by a continuation of low interest rates, low growth and low inflati inflation. these long duration satassets w continue to not just lead the economy but the market >> both you have expect elevated volatility over the next couple of months. how much of that is directly election related >> some of it is there we are expecting elevated to continue

then looming out there in early november is uncertainty around the election and which way that fall will have a significant impact on expectations or corporate earnings the regulatory environment, the tax environment, et cetera what we find extraordinary right now and one of the areas we like to play the equity market is by taking advantage of high volatility we have seen an extraordinary phenomenon the last few weeks are volatility is high and rising even as markets were making new peaks for the vxx to be trading in the 30s as the s&p is hitting highs, that's unprecedented that tells us that we needed the little bit of the sell off this was healthy but one way we can play the market is by selling volatility to capture those high premiums and gain some equity exposure in that way. >> kevin, where do you see the election playing into the level of volatility that we may experience over the next 60 days

or so. my observation, not years, the last week has not been a good one for president trump. is the market starting the look at and in a meaningful way discount the possibility that the next president may be joe biden and do they like that? >> tyler, i think three biggest quality tale inducining uncertainties is whether there will be another round of stimulus agreed to and if there is, what will it entail and two additional progress on the vaccine front and will there will be vaccine available this fall and then finally, in the biggest uncertainty right now that we're hearing from clients is around the election remembering that not only is the next president of the united states at stake but we have the balance of power in washington at stake with the number of house of representatives on the

ballot in addition to senate candidates that's what's on the mooininds investors. every time we hear a poll or delays in the results, that will have a impact on market psychology and create volatility that's why you need to build diversification into your portfolios >> all right always good to see you kelly. the senate republican skinny stimulus bill just failed in a procedural vote last hour. kayla his here with what happen next. >> reporter: the senate needed 60 yes votes to move forward on its slim down stimulus package and did not get there. mitch mcconnell said he hoped by passing this package the chamber could entice nancy pelosi back to the goernegotiating table. she demanded a package four times this size. this week a temporary expension is set to expire

that puts the ball squarely in the white house court as they search for executive actions that they can take to restart some of these stimulus efforts chief of staff mark maddows says that administration wants to get as creative as we can to get within the confines of the law to put forth as much money as we can. the voters want more likely voters in six critical swing states and 52% said president trump is not doing enough to help american workers. this comes as former vice president joe biden has maintained his four-point lead over president trump in these critical swing states even after the republican national convention where usually a candidate gets a bounce. kelly. >> also, certainly making the head lielines was the change po talking about how voters don't think either candidate is good for office. >> reporter: it's interesting because this has been a frequent attack line by president trump

against former vice president joe biden. he is unfit to serve and that he has some sort of mental stagnation that would keep him from serving voters in our survey said this both of these candidates, both in their 70s might be physically fit but didn't see either as mentally fit take a look at numbers for president trump, 52% of battleground voters found -- 51% found that president trump is mentally unfit to be president for vice president biden, 52% found him unfit to be president. just a 1 percentage point margin for president trump. perhaps not enough to build messaging around and tells you where voters heads are at now. >> i do think it's a proxy for i don't trust them how does anybody know someone's mental fitness for anything? it's just a broader sign of the unhinged things we have heard

and will probably continue to hear in months ahead >> reporter: especially in a world of deep fakes and heavy video edits. it's hard for voters to parse what is real footage what is fake footage and what is a real candidate talking to them and what has been manipulated for the other side's gain. both parties are guilt of doing that that's the world we live in. >> that's an amazing result there. what it says is whoever wins officer, half of the american public will think the president is mentally unfit to serve >> you don't think that's the case already >> how did we get here unfit or not, one of the joe biden leads the polls. a top analyst will tell us which will get a boost if he wins.

we have those tas endeilwh "power lunch" returns. ♪ ♪ ♪ ♪ ♪ ♪ [ engines revving ] ♪

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running attack and every big-time defensive stop. sunday's were made for football on xfinity. that's simple, easy, awesome. add the more sports and entertainment package for nfl redzone. click, call or visit a store today to learn more. welcome back a major milestone on wall street citi naming jane frazier its

next ceo this will make fraser the first woman to run a megabank. jeff heart is a principal with piper sandler where he covers citi and other major banks. she is only one person and females are still badly underrepresented at the upper ranks of all american co corporations >> you're correct. thanks so much for that. this is incredibly significant and yet at the same time that is why it's so infuriating that it

just shows you how little practicing th progress we have made across the last few decades jane fraser is 1 of 39 women who have ceos in the fortune 500 that's 7.8%. that is a historic high. it truly is so frustrating because every time we have a woman break in, we have the same conversation we have this conversation about mary at gm. women make up half of all college graduates that have been true as of this year, they make up more than half of the work force. >> the progress has by any yard

accident in question that i stick i'm aware of been pretty glacial. >> why do you think citi chose her? she has a 16-year career she's not a lifer like mr. corbett was. has it changes in any way your view of its stock? >> it's interesting. the surprise was the retirement. not so much transition her being in that poogs isn't so much surprise as mike finally deciding he will retire and step aside. most of my conversations have been about qualifications. it hasn't come up she's a female

versus a male which is maybe a step in the right direction. people are focused on her qualifications she's been at citigroup for a while. she's been in multiple regions and businesses investors don't know her that well yet she hasn't been out in front of the street a whole lot back in may it was going to be the launch point for her with covid that got postponed. from what i'm able the gather from people inside and akrosds the industry in general, she's very well respected. >> $51 share what would make you change that view i'm come back to you >> they are trading at a discount to peers. i think that's largely because they got a big credit card

business i think to the extent we can get into a better economy, it keeps things going in the right way. i think they start looking at more i would expect the see the valuation price narrow >> let me ask what is on the surface maybe a juvenile question maybe revealing at the same time why haven't women made more progress in boardrooms at the upper levels of companies? is it a question of pipeline is it a question of discrimination is it a question that women don't get as long -- they are le held to a different standard if they don't skucceed, they are out quicker than men >> it's not a pipeline issue. they make up more than half of

the work force at this point what's happening is they are not getting promoted they are not getting mentored and there's a lot of that unconscious bias we all heard about unconscious bias most companies have unconscious bias training. the research is showing it's not moving the needle. when you have this unconscious bias training, what ends up happen sging is backlash among white men who are the primary targets of training. they feel like i'm trained, i'm done i have no bias or there's the backlash that women are preferential treatment it's going to hurt them. every piece of research shows when you have a diverse working group and not just by gerunnder it's by race, age, ethnicity

it's financial we actually all need to understand this as do shareholders sfw shareholders. >> i worked for one of the sort of most establishment publishing companies of all time. time incorporated which was largely regarded as an ivy league male domain most of my senior and top editors were females it made for a different kind of environment. it really was a good thing let me turn to one other thing before we go and that is this. i think sometimes even the rhetoric and words we use when we talk about female executives and male executives are different. a male executive is cheered for being aggressive, hard charging executive. when those same words are applied to female, it be code for something less flattering. >> there's all sorts of code

that's out there aggressive is something very negative for women when women speak as much as men, the perception is that they are speaking more than men and they are speaking too much. there's also the issue of there's something called the glass cliff which is identified by some bridges researchers. they get the top job they get the top job in a company that is precarious condition and that if they don't turn it around, they then get booted and they get the blame. there's actually the media plays into this. there's a study and if a company is in trouble and has a female ceo, 80% of news reports will blame her personally where as only minority of news reports would blame the male ceo personally >> fascinating stuff a big day on wall street we wish the new ceo all the best

thank you very much. a quick programming note former citigroup chairman and one of the real titans of wall street, sandy weill will join us at 3:00 p.m. he was living out in the fire zone in california if he is still there, it will be interesting to hear from him about what's going on out in that part of the world kelly. >> that's for sure still ahead, short seller taking aim at nikola just days after its deal with general motors calling it an intricate fraud. check out this mystery stock the stock has soared from its march lows one said it could be the ultimate reopening tdera more "power lunch" next. plap give you straightforward ae and tailored recommendations,

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from top to bottom 10,983 we'll continue to watch the level there. now over to seema mody for trading nation >> analysts placing their bets on one stock that could benefit in the march back to normalcy. analysts initiating ulta bup tby with a buy rating. consumers pivot back to business and wellness let's discuss the trading plays with our wellness team projections from ihs think that two-thirds of a second quarter

drop will reverse in third quarter. if that holds true, is it time to invest in some of these growth oriented names? >> absolutely. i think that this particular -- i think the reopening will likely be less exciting than people think i don't think it will be a strong as people expect. a stock like ulta that has managed to keep. they lost 26% sales year over year they gained in e-commerce 200% they tripled their e-commerce sales which is to say they managed to stay in the game. in a show of true enthusiasm, mary dylon came out saying they will continue to reopen stores going into 2021. i think this reopening play definitely has some legs in the recovery >> how do you play the stock trading at 233 a share >> it also looks quite good on the charts you look at the weekly chart

it has a nice run like every other stock did off the march lows then it pulled back at the beginning of the summer. when it did, it created a much higher low a very nice base there it's rallied back up now it's trying to push up and follow that higher low with a key higher high. if we can break above the 255, 260 range, not only will it make it a higher high but break it above its trend line going back to the 2019 highs back in the summer of last year. on top of that, it will take it above its 200-week moving average. it's getting close to several key resistance levels. we see the little -- we need a bit upside follow through. if we get it, it's going to get another nice leg higher and would give it a lot of momentum through the end of the year. >> higher on the week as well. thank you. kelly and tyler. back to you. we're keeping a close eye on the markets right now.

your continuing to move lower. dow is down 364 points or 1.3% also ahead, tesla could get a boost from a biden presidency. the analyst behind that call joins us it's partnership snoop dogg helped set up. as i mentioned the markets are trying for a second day of gains but struggling we'll have a trader weighing in on this trading action coming up stock slices.

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welcome barck, everybody.

president trump's re-election campaign is asking a federal judge to kill nevada's vote by mail law sepdsing ballots to all state active voters will hurt republicans by confusing nevadans and keeping voters away from the polls flags will honor the people who have died from kcovid-19 thi that state dining out may increase the spread of coronavirus. more than 300 people reported coronavirus symptoms those who tested positive were nearly twice as likely to have eaten out at restaurant in the previous two weeks than those who tested negative. you are up to date that's news update this hour back to you. >> very interesting as new york gets set to reopen in a limited way. >> that's exactly right. we'll keep track of it the dow industrial is drooping down 330 points

the s&p down even greater in percentage terms, 1.4% take a look at the move in the nasdaq down nearly 2% earlier after being up more than a percent earlier this morning there you see it at 1.6. the oil market is closing for day. let's go to dom. >> oil prices are falling on the day. u.s. benchmark crude oil prices $37.28 down 2%. you have supply side pressures that showed oil inventories rose by two million barrels this past week analysts are looking for a drop

around 1.3 million barrels some noise around the data because of the effects of hurricane laura on refinery activity and demand. mf many of the dynamics will be key. joe biden is leading the polls with less that 54 days till the election. there's a number of stocks that could benefit. he joins us with the names that could see a biden bump is this about subsidizing electric cars? >> not at all. they will continue to grow what we did see with the policy adjustment s a facilitation of growth of those markets and job creation alone >> it's interesting you think that a biden presidency would accelerate that beyond what is

likely to accelerate any way the last four years of trump have seen an explosion of ev companies. >> yeah, for sure. tesla has disrupted the market showns that technology would work and consumers would want the technology t i think at this point biden is just facilitating an acceleration of that market if he gets elected. not very complicated it's a tax credit reinstating that for the country which is about $7,000 per car implementing about 1200,0,000 charging stations. >> from your own note on this, you say the 2016 trump election did not spell doom for renewables as we recall in 2008 after obama's election there was high

hopes for renewables is it going to be so much about biden versus trump is tesla, are these technologies going to win no matter what >> we think they will win no matter what. if you go back to 2008, what was happening is the european markets were driving adoption renewables there was policy changes that compacted the overall market for so than u.s. awful lot of growth through 2016 in the sector and helped the industry with the scale and direct cost. >> interesting that could be different this time we're focusing on tesla. there are a number of companies and industries that you think could stand to benefit from a biden bump, so to speak.

they include the industrials why? >> one of the things i think a lot of people are looking for in the last four years is investment and infrastructure across the country they are based in measurement verification technologies. they have extraordinary products and it helps those design major structure projects and maintain those projects even after they have been built. that's the company that was see a benefit in terms of hardware sales as well as ordinary reabus we see solar for storage as compelling and over the country already. portfolio companies that have broad portfolios, large footprint in capital plus the ability to produce and manage power plants would benefit as well as technology companies

like nph which have inverted technology and integrated storage technologies there one other area that we would look at is the hydrogen economy and the name we have that we like a lot a company that has more experience for fuel cells than anyone else as well as the largest fueling infrastructure on the globe >> i think all of this and i appreciate some of the more under the radar names but would be a good reminder the names will be moved around a bit by the polls as we approach the election and then we'll have to see what happens after thanks so much for your time we appreciate it >> thank you ty tesla is higher today, nikola shares are tumbling after a short seller called company an int int intricate fraud built on lies.

>> this is the report. it's fairly hefty. we're not going to go through all the the allegations but it comes down to this the company has made false statements and it's had misleading demonstrations revolving around the hydrogen class 8 semi truck that it plans to build over in europe. this is the video. this is one of the key points they make saying this is not video of the truck running they pulled it to a tovp the hill they pushed it down. in response to this report, the chairman says cowards run, leaders stay and fight for integri integrity. hiddenburg is only making people love us more for trying to destroy us it will take the rest of the day to address the one sided false clai clai claims i will put out a detail report in the meantime, troll on. you know he will say something

on twitter that's one of his main ways of communicating when he thinks someone is taking a shot at his company. when we reached out to general motors, remember they taking an 11% stake in nikola. a spokesperson said we stand by the statements that were made on the day of the announcement. at the end of the day, this is going to come down to whether or not somebody has some smoking gun or if this will be one more short seller who makes an allegation and then over time it kind of fades away >> a part from the fact that one wonders about trusting a short te seller who goes by the names of hiddenburg that creates all sort of visual illusions, that i

don't want to contemplate. how much of a decline would you attribute to short tellers or people losing the enthusiasm and buzz or just the markets been moving downward too. what would you expect? >> there's a bit of the market moving down that has weighed on shares of both general motors and nikola the short telling, my sense is there's more short sellers moving in on nikola. that's not a surprise. the shorts have come out and said we don't buy into this. we don't buy into the hype you have a company with barely any revenue. we think it's ripe to fall in the future that's a factor as well. >> phil, thanks very much. >> you bet let's get a check on the bond market. yields are falling along with the market rick is doing what he always does he's tracking the action

>> let's open it up to june 1th start. the low was 50 basis points in august what's the average, 70 basis points dollar index intraday is turned up because the euro mean turn downward let's look at a chart since the end of july for the dollar index and realize we're only a third of a sense from the highest close since the end of july. tyler, back to you still ahead, getting cut in half palantir ready for its debut now investors wonder what the company is worth wel ple atn o minutes. itw before money, people traded goods.

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missing on second quarter revenues sales fell 13% game shop stato stharhares. bet and bath is under valued despite positive comp sales and dramatic improvement those shares up 5% today spotify is higher on an upgrade. that firm siting upbeat subscribers forecast and optimism around marketplace which lets artists pay to promote their music to targeted audience thank you very much. still ahead, we are watching the markets.

the dow is slumping there a bit. down more than 300 points right now. the next hot company to go public is having cold water thrown on it that's next.

welcome back, everybody. palantir held an invettor day to build excitement around the planned public debut, now many investors are beginning to question the growth story there. back in 2015, the company was valued at some 20.4 billion. but the updated pro inspectous points to something more like $10.5 billion in total value for now, let's bring in the

reporter that crunched the numbers. welcome g to have you with us. what happened to this company in five short years from a $20 billion valuation or imputed valuation to something half that >> tyler, good to be with you. thanks for having me really palantir five years ago was a very hot company we deposidn't have all the numbs it looked luike a rapidly growin company. they were a very different kind of company than the typical cloud software business that is really excited investors this is a very heavy piece of software it is very expensive to deploy they don't have very many customers. they're very concentrated in the customers they have. and so the growth story started to look more like a plotting along, trying to figure out what the future of the company is right now they're in this interesting pivot point at the time they're going public where they're trying to show investors they have this really big market opportunity that they could have

a bunch of customer -- potential customers out there and that's where the skepticism is. if you believe there are more of the plotting along company, then you're more on the 10 billion side the if you see them as a rapidly growing company, they're $20 billion. >> this company doesn't have all that many customers and several of them make up a lot of their revenue. >> yeah. and this company got started as a government services technology company. you know, prying technology to intelligence agencies as they were doing counter-terrorism operations they built out these massive data bases where these agencies could store and crunch data and information. they then basically, you know, made that product available to the private sector and they have really big customers like air bus and bp it's only recently that they've tried to make this a more easily deployable service that any company can sort of spin up

quickly, try to see if it's worth buying before investing a ton of money into it >> a couple things that stand out to me if i was considering an investment is that the company lost $588 million in 2019 in the first half of 2020, it lost $165 million. that is not exactly what you'd like to see ideally, i suppose on a pro forma the other thing is the share structure is not -- would not be called best in breed, would it >> yeah. so two interesting points. from the losses standpoint, tech investors particularly those in software have grown accustom to companies going public with fairly hefty losses. but sales and marketing and research and develop plenty so expensive. getting these things going and getting customers is very costly the payoff comes over time of as these big customers renew and say your initial sales and marketing cost turn it into big

revenue down the line. that is something they can deal with as long as the customers can come and it is well beyond 125. the share structure, you know, this is a very sort of silicone valley orientation you're betting on the team this is a team that can you get behind you can get behind it. >> all right thank you very much. ari levy, we appreciate it zblcht. >> avoiding the tech lash. which names should investors be turning to as the nasdaq dropped 1.5% this afternoon. we'll speak with steve grasso. he'll lay out some of his top picks next don't forget, you can always watch or listen live on the go on the cnbc app. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done.

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a lot goes through your mind. how long will this last? am i prepared for this? are we prepared for this? with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations, with access to tax-smart investment strategies designed to help you keep more of what you've earned so you'll know you're doing what you can for your family and your future. that's the clarity you get with fidelity wealth management. welcome back it's been a wild ride for stocks today. the dow climbing 234 points at the high and down 400 at the lows a couple minutes ago. similar for the nasdaq

it was up 1.5% it's down that exact same amount here now is steve grasso, the "fast money" trader from the new york stock exchange where masks are required, of course. steve, goods to you have here just before we get into your particular plays, what do you sthi driving this selloff right now. there were some head monica lewinsky about a half hour ago >> i think it was the mcconnell headlines. if if you look what the is driving this market is the fed number one, number two, stimulus and obviously the vaccine. so any of those that hit a wall, you're going to see a negative outcome in the marketplace today the granularity is lack of a stipulate lus demulus deal foa population. >> then the senate leader, he was asked, you know, what he thought about the senate staying republican or, you know, in whose hands ut was in the fall then he said it was a tossup maybe that's what took us towards our lows let's talk about the other names that you're here to discuss.

for people that are saying, okay, of all the sectors being whipped around here, tech is probably the most so you know, how do i safely stay outside of it? your first way to do so, although no shortage of its own controversy lately is disney let's start there. why? >> right so if you look at disney, the tail wind to disney is the streaming products the disney plus. so that one they already broke the barrier of 60 million subs everyone thought they were going to have a tough time doing it. that's number one. number two, you get out of the tech plays or the real tech plays and the real 6 to 10 names that are really driving the market if you're thinking about a vaccine, the days of not having a vaccine are collapsing right now. so the parks are going to reopen eventually that's $26 billion in revenue that is derived from there so i think that's the positive story there. >> all right let's move on to shake shack

which is an interesting one. why? >> shake shack i've owned for a one personally this is based off the headline of governor cuomo yesterday. 25% indoor dining starting september 30th that's what drove it up. there is a 22% short interest. that is the goose. that's the motivator for people to cover their stock but shake shack was something that could only work in urban areas and city centers now with their new model, basically, of drive throughs and windows, can you make this model work in the suburbs. so i think getting back to par which is $100, i think that is probably within sight in the next few months or so. sfwh yea . >> the suburbs, where all the action is. one word on capri. why that one >> luxury brands, versace is in there, jimmy choo. if you want to bargain basement

something that can triple or quadruple easily based on the valuation at the other luxury brands are getting, capri holdings, that's the one you want to buy. >> we'll let you go. >> names that are music to my wife's ears, jimmy choo. >> all right v a great afternoon. >> welcome to "closing bell," everyone stocks selling off in a volatile session. the s&p 500 down just over 1% having opened higher let's have a look at what is driving the action tech rolling over. apple made 5 apple made a 5% intraday swing the senate has failed to pass a gop stimulus plan casting doubt over any new package before the election and employment data came in slightly worse than expected highlighting a still fragile u.s. recovery. the dow down 300 plus points as we stand the s&p 500 down